- DODO token surges 30% in a single hour forward of USDⓈ-M DODO perpetual contract launch.
- Bulls within the DODO market set a brand new 30-day excessive of $0.1301 and confirmed robust market help at $0.09704.
- Technical evaluation signifies potential short-term pullback as DODO enters overbought territory.
DODO, the native token of the favored decentralized change (DEX) platform, witnessed a exceptional upswing, surging by a powerful 30% inside an hour. The speedy worth pump was fueled by the anticipation surrounding Binance Futures’ announcement of the upcoming USDⓈ-M DODO perpetual contract, set to launch with as much as 20x leverage on August 8, 2023, at 12:00 (UTC).
As information of the upcoming USDⓈ-M DODO perpetual contract unfold like wildfire, the crypto market rallied behind the DODO token, pushing its worth to soar to a brand new 30-day excessive of $0.1301. All through the bullish surge, DODO skilled strong help at $0.09704, showcasing the rising confidence within the token’s worth proposition.
Through the buying and selling session, DODO’s worth surged by 27.72%, settling at $0.125 at press time. This rally instigated a big improve in market capitalization, which surged by 27.99% to achieve $56,877,665. Furthermore, DODO’s 24-hour buying and selling quantity witnessed a 552.48% surge, reaching $48,368,958, indicating robust shopping for curiosity and a optimistic sentiment surrounding the token.
DODO/USD Technical Evaluation
The higher and decrease Bollinger bands on the DODOUSD worth chart are touching $0.11804372 and $0.08454869, respectively. The growing inexperienced candlesticks mirror the market’s growing bullish momentum. Nonetheless, the value has breached the higher band, indicating that the value is doubtlessly overbought and due for a correction.
The Shifting Common Convergence Divergence (MACD) is rising, indicating that purchasing stress is strengthening, including to the bullish sentiment. This sample means that the DODOUSD worth will proceed to rise.
With a 99.02 studying on the stochastic RSI, the market is at present in an especially overbought state. As merchants take income and reassess their positions, this might result in a short-term pullback or consolidation. In consequence, merchants ought to think about setting tight stop-loss orders to guard their income in a worth reversal.
In abstract, DODO’s spectacular surge, pushed by the upcoming USDⓈ-M perpetual contract, reached a 30-day excessive. The market’s bullish sentiment could result in additional beneficial properties, however warning is suggested because of potential overbought situations.
Disclaimer: The views, opinions, and knowledge shared on this worth prediction are revealed in good religion. Readers should do their analysis and due diligence. Any motion taken by the reader is strictly at their very own danger. Coin Version and its associates is not going to be chargeable for direct or oblique harm or loss.
